one thing some bears forget that its not just about oil in the ground. there is currently a shortage of labor in alberta canada and thats the place many point as the salvation of the universe, there is also the huge increases in the cost of steel and other materials, it aint so easy to offset the declining oil fields
There has been significant oil demand destruction over the last 7 plus months as a result of a global economic contraction. I don't expect peak oil to be an issue of great concern in the coming weeks or months. However in years down the track, dwindling oil supply may pose an issue. http://www.ft.com/cms/s/0/d25b8d2c-fb97-11dd-bcad-000077b07658.html Total says oil output near peak "The world will never be able to produce more than 89m barrels a day of oil, the head of Europeâs third largest energy group has warned ..." With human population expected to reach 9 billion in approximately 30 years time (current estimated population is about 6.6 billion), food and energy prices may rise as a result.
The 9 billion estimate by the UN for 2050 says that that is the high point and it will level off from there